Russia’s Arctic-2 LNG project to start operations later this year
- August 19, 2023
- Posted by: Quatro Strategies
- Categories: Europe, Oil & Gas
The Arctic-2 LNG project, led by Russian company Novatek, is progressing as scheduled with its first phase expected to start operation later this year. The project includes various international partners, including China National Offshore Oil Corporation (CNOOC), which holds a 10% stake.
Novatek is the majority stakeholder with a 60% share, while other participants include French energy company TotalEnergies, China National Petroleum Corporation (CNPC), and a consortium consisting of Mitsui & Co. and JOGMEC from Japan, each holding a 10% stake.
According to Xie Weizhi, the Chief Financial Officer of CNOOC, all partners have been continuing to finance the project as planned, indicating that funding is on track and there are no indications of delays. This aligns with the stance of Chinese state energy companies to proceed with existing projects in Russia while refraining from committing to new investments.
The Arctic-2 project is part of Russia’s efforts to tap into its extensive Arctic resources and expand its liquefied natural gas (LNG) production capacity. It represents a significant collaboration between multiple international partners to develop and export LNG from the Arctic region.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Metal inventories in Shanghai Futures Exchange decline from post-Lunar New Year peak
The surge in metal inventories on the Shanghai Futures Exchange (ShFE) during the Lunar New Year holiday period appears to have peaked, with registered stocks of copper, aluminum, and lead all decreasing over the past week. This trend is an annual phenomenon attributed to downtime taken by…
US lawmakers urge investigation into Chinese companies tied to Ford’s battery plant
The chairs of two U.S. House committees, Representative Mike Gallagher and Representative Cathy McMorris Rodgers, have called on the Biden administration to investigate four Chinese companies allegedly involved in Ford Motor’s planned Michigan battery plant. In a letter, the lawmakers claimed…
Brazil’s Petrobras bids for stake in Galp Energia’s major offshore oil find in Namibia
Brazil’s state-run oil company, Petrobras, has made a non-binding offer to acquire a significant stake in Galp Energia’s vast offshore oil discovery in Namibia. If the bid is successful, Petrobras would become the operator of the Mopane oil and gas field, which holds an estimated 10 billion barrels of oil equivalent…